Roles & People
General Partner (GP)
The managing partner(s) of a venture fund — responsible for investment decisions, fund management, and bearing unlimited liability for fund obligations.
A General Partner (GP) is the investment professional responsible for managing a venture capital fund. GPs make investment decisions, manage LP relationships, serve on portfolio company boards, and are responsible for all aspects of fund operations. Legally, GPs have unlimited personal liability for fund obligations (though in practice the fund is structured to minimize this exposure). GPs receive management fees (typically 2% of AUM annually) to cover operations and take carried interest (typically 20% of profits) as performance compensation. Most VC firms have multiple GPs; decision-making processes vary — some require consensus, others give individual partners autonomy up to certain check sizes.